National Bank of Canada FI Raises Stake in Melco Resorts & Entertainment Limited (NASDAQ:MLCO)

National Bank of Canada FI raised its position in Melco Resorts & Entertainment Limited (NASDAQ:MLCO - Free Report) by 18,441,414.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,290,906 shares of the company's stock after buying an additional 1,290,899 shares during the quarter. National Bank of Canada FI owned approximately 0.30% of Melco Resorts & Entertainment worth $6,803,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. ARGA Investment Management LP raised its stake in shares of Melco Resorts & Entertainment by 0.4% during the first quarter. ARGA Investment Management LP now owns 29,760,953 shares of the company's stock worth $156,840,000 after purchasing an additional 108,529 shares during the last quarter. Eminence Capital LP raised its stake in shares of Melco Resorts & Entertainment by 22.1% during the fourth quarter. Eminence Capital LP now owns 7,735,919 shares of the company's stock worth $44,791,000 after purchasing an additional 1,402,619 shares during the last quarter. Nuveen Asset Management LLC raised its stake in shares of Melco Resorts & Entertainment by 1.4% during the fourth quarter. Nuveen Asset Management LLC now owns 6,081,335 shares of the company's stock worth $35,211,000 after purchasing an additional 83,268 shares during the last quarter. BNP Paribas Financial Markets raised its stake in shares of Melco Resorts & Entertainment by 206.5% during the fourth quarter. BNP Paribas Financial Markets now owns 2,009,189 shares of the company's stock worth $11,633,000 after purchasing an additional 1,353,617 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its stake in shares of Melco Resorts & Entertainment by 1,240.2% during the fourth quarter. JPMorgan Chase & Co. now owns 1,342,132 shares of the company's stock worth $7,771,000 after purchasing an additional 1,241,986 shares during the last quarter. Hedge funds and other institutional investors own 39.62% of the company's stock.

Melco Resorts & Entertainment Price Performance

Melco Resorts & Entertainment stock traded up $0.05 during trading hours on Friday, hitting $8.57. The stock had a trading volume of 1,268,189 shares, compared to its average volume of 2,719,576. Melco Resorts & Entertainment Limited has a 1-year low of $4.55 and a 1-year high of $9.16. The stock has a market capitalization of $3.60 billion, a price-to-earnings ratio of 65.93 and a beta of 0.83. The stock's fifty day moving average is $8.04 and its two-hundred day moving average is $6.44.

Melco Resorts & Entertainment (NASDAQ:MLCO - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The company reported $0.23 earnings per share for the quarter, beating analysts' consensus estimates of $0.09 by $0.14. The business had revenue of $1.33 billion during the quarter, compared to analysts' expectations of $1.20 billion. Melco Resorts & Entertainment had a negative return on equity of 18.47% and a net margin of 1.15%. The business's revenue for the quarter was up 14.5% on a year-over-year basis. During the same quarter last year, the business posted $0.05 earnings per share. As a group, sell-side analysts anticipate that Melco Resorts & Entertainment Limited will post 0.16 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on MLCO shares. JPMorgan Chase & Co. upgraded Melco Resorts & Entertainment from a "neutral" rating to an "overweight" rating and upped their price target for the stock from $7.20 to $9.50 in a research note on Tuesday, July 1st. UBS Group lowered Melco Resorts & Entertainment from a "buy" rating to a "sell" rating and set a $4.60 price objective on the stock. in a report on Wednesday, April 30th. Wall Street Zen raised Melco Resorts & Entertainment from a "hold" rating to a "buy" rating in a report on Monday, July 7th. Citigroup upped their price objective on Melco Resorts & Entertainment from $11.00 to $11.50 and gave the stock a "buy" rating in a report on Friday, August 1st. Finally, Susquehanna upped their price objective on Melco Resorts & Entertainment from $8.00 to $10.00 and gave the stock a "positive" rating in a report on Wednesday, July 30th. One research analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $8.15.

Melco Resorts & Entertainment Company Profile

Melco Resorts & Entertainment Limited, through its subsidiaries, develops, owns, and operates casino gaming and entertainment casino resort facilities in Asia. It owns and operates City of Dreams, an integrated casino resort that has 500 gaming tables and 800 gaming machines; approximately 1,400 hotel rooms and suites; a wet stage performance theater with approximately 2,000 seats; approximately 30 restaurants and bars, and 150 retail outlets; and recreation and leisure facilities, including health and fitness clubs, swimming pools, spa and salons, and banquet and meeting facilities.